Merum Documentation

Non-custodial, BTC-collateralized USDC lending on HyperEVM. Borrow USDC against LBTC, or supply USDC to earn yield.

Bitcoin-backed credit, on-chain. Borrow native USDC against LBTC collateral, or supply USDC to earn yield — non-custodial, on HyperEVM.

What is Merum?

Merum is a non-custodial lending protocol on HyperEVM (the Hyperliquid L1). Deposit LBTC (Lombard wrapped Bitcoin) as collateral and borrow native USDC at a fixed rate, or supply USDC to earn a variable yield paid by borrowers.

The protocol is non-custodial: collateral and loans are governed entirely by audited smart contracts. Merum never takes custody of user funds. Mainnet launch is targeted for October 2026.

Borrow USDC

Lock LBTC, borrow native USDC up to 60% LTV at a fixed 7.9% APR. Repay any time; no fixed term.

Earn yield

Supply USDC to the LBTC–USDC market and earn a variable APY funded by borrower interest.

Non-custodial

Your collateral is held by smart contracts, not by Merum. Audited by Sherlock; bug bounty on Immunefi.

Build on Merum

Read positions and rates on-chain or via the API. See the developer quickstart.

Where to start

New to Merum? Read the overview and quickstart.
Want the mechanics? See liquidations, oracles, and risk parameters.
Building an integration? Start with the developer quickstart.
Assessing risk? Read the risk disclosures and audits.

Pre-launch

Merum has not yet launched on mainnet. Contract addresses, live rates, and the API are placeholders until launch. Do not interact with any contract claiming to be Merum until official addresses are published under Contract addresses.

Merum is operated by Merum Finance FZ-LLC, registered in Dubai. The protocol is available worldwide except in the United States and OFAC-sanctioned jurisdictions, which are geoblocked. Nothing in this documentation is financial or legal advice.